2123 33rd Ave

New York, NY 11106

$1,100,000D

None bd · None ba · 2,938 sqft · Built 1920 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,563/mo
• Mortgage (P&I): −$5,769
• Tax + insurance: −$1,105
• HOA: −$0
• Vac / Maint / Mgmt: −$1,168
• Net cashflow: $-2,478/mo
• Annual: $-29,738/yr
• Cap rate: 3.59%
• Cash-on-cash: -9.66%
• DSCR: 0.57
• 1% rule: 0.51%
• Cash to close: $308,000

Investor read

• This is a multifamily listed at $1.10M.
• At list price, monthly cash flow is $-2k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $662k (39.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $556k (49.4% below list).
• It's been on market 31 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $556k (49.4% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($8k loan paydown + $23k appreciation (2.1% local appreciation)).
• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.3%/yr); 106 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $275k; list at $1.10M implies a 300% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.6% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $5,563/mo this rent would consume 79% of the median local household income ($85k/yr) (locally 3679% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.